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Nov 8 (Reuters) - Kohl's Corp (KSS.N) Chief Executive Michelle Gass will step down and take the helm at Levi Strauss & Co (LEVI.N) amid renewed calls from activist investors for management and board reshuffles at the struggling department store chain. Gass came under renewed pressure from hedge funds Macellum Advisors and Ancora Holdings after Kohl's decided in July to remain independent after exploring a sale. The former Starbucks (SBUX.O) executive, who became Kohl's CEO in 2018, will leave in December to become president at Levi's early next year before taking over from long-time boss Chip Bergh within 18 months. At Levi's, Gass faces the challenge of helping the denim maker navigate out of an inflationary environment that has caused a slump in discretionary spending and hit earnings. Kohl's said Tom Kingsbury, a director nominated by Macellum and Ancora last year, will serve as interim CEO from Dec. 2.
Levi's names Kohl's Michelle Gass as chief executive
  + stars: | 2022-11-08 | by ( ) www.reuters.com   time to read: 1 min
Nov 8 (Reuters) - Levi Strauss & Co (LEVI.N) on Tuesday named current Kohl's Corp (KSS.N) Chief Executive Officer Michelle Gass as its next CEO, replacing Chip Bergh. Gass will leave Kohl's in December to become president of Levi's and will report to Bergh before taking over as chief executive within the next 18 months. Kohl's said Tom Kingsbury, a director on the department store chain's board and former Burlington Stores Inc (BURL.N) chief executive, will serve as interim CEO from Dec. 2. Kohl's shares rose 11% in premarket trading, after it also forecast better-than-expected third-quarter earnings. Reporting by Uday Sampath in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.
Kohl’s CEO Michelle Gass Resigns to Join Levi Strauss
  + stars: | 2022-11-08 | by ( Suzanne Kapner | ) www.wsj.com   time to read: 1 min
Michelle Gass, who took over as Kohl’s CEO in 2018, will step down next month. Kohl’s Corp. Chief Executive Michelle Gass is leaving the department-store chain early next month to join Levi Strauss & Co. with plans to have her take over as the jeans maker’s CEO. At Kohl’s, Ms. Gass has been under attack from activist investors for sales declines and a steep drop in the company’s stock price. In September, activist investor Ancora Holdings Inc., urged the company to replace Ms. Gass and its chairman. Kohl’s shares, down nearly 40% on the year, jumped 8% in early Tuesday trading.
As Levi Strauss & Co. searched for its next leader, it got help from a surprising source. Levi CEO Chip Bergh said pressure from activist investors prompted Kohl's CEO Michelle Gass to consider the job. On Tuesday, Levi announced that Gass will join the company in January as president and become chief executive within 18 months. "She's been through the wars," Bergh told CNBC. Gass has led an embattled Kohl's, which has rebuffed repeated attempts by activist investors to push her out.
Kohl's said Tuesday that CEO Michelle Gass is leaving the company for a new opportunity as its sales continue to fall. In a separate release, Levi Strauss & Co. said Gass will join the company in early January as president and step into the role of CEO within the next 18 months. Kohl's — and Gass — have been under pressure from investors. Its push for new leadership intensified after Kohl's terminated talks this summer to sell to the Franchise Group, owner of The Vitamin Shoppe. The board appointed Tom Kingsbury, a Kohl's director since last year, to serve as interim CEO.
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTake-Two Interactive CEO Zelnick: The metaverse will not be the way we communicate all day longTake-Two Interactive CEO Strauss Zelnick joins CNBC's 'Squawk Box' to discuss the company's second-quarter earnings report. Shares of the gaming company fell lower in pre-market trading after it slashed its forecast.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Take-Two Interactive CEO Strauss ZelnickTake-Two Interactive CEO Strauss Zelnick joins CNBC's 'Squawk Box' to discuss the company's second-quarter earnings report. Shares of the gaming company fell lower in pre-market trading after it slashed its forecast. Zelnick also weighs in on a recent wave of layoffs at major tech companies, his expectations for the metaverse, and more.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOutgoing Kohl's CEO Michelle Gass to join Levi Strauss as CEO in waitingCNBC's Jim Cramer and the 'Squawk on the Street' team discuss outgoing Kohl's CEO Michelle Gass' move to become president of Levi Strauss. Gass will eventually succeed the company's CEO Chip Bergh, within the next 18 months.
"The preliminary investigation suggests that Microsoft may have the ability, as well as a potential economic incentive, to engage in foreclosure strategies vis-à-vis Microsoft's rival distributors of console video games," it added. Microsoft said it would work with the EU antitrust watchdog to address valid marketplace concerns. The EU competition enforcer said it would decide by March 23, 2023 whether to clear or block the deal. Reuters reported on Oct. 31 that Microsoft would face an extensive EU probe after declining to offer remedies during the preliminary EU review of the deal. Britain's antitrust watchdog is also investigating the acquisition, with similar concerns to its EU peer.
Levi's names Kohl's Michelle Gass as next chief executive
  + stars: | 2022-11-08 | by ( ) www.reuters.com   time to read: +2 min
Nov 8 (Reuters) - Levi Strauss & Co (LEVI.N) on Tuesday named current Kohl's Corp (KSS.N) Chief Executive Officer Michelle Gass as the next CEO of the denim maker, succeeding long-time head Chip Bergh. Gass' departure from the struggling department store chain comes as activist investor groups push for management and board reshuffles, including a change of CEO. Gass will leave Kohl's in December to become president of Levi's early next year, and will take over as chief executive within the next 18 months. Kohl's said Tom Kingsbury, a director who was nominated by Macellum and Ancora last year, will serve as interim CEO from Dec. 2. Kohl's forecast third-quarter earnings of 82 cents per share, compared with analysts' estimates of 64 cents, according to Refintiv IBES data.
Kohl’s CEO leaves for Levi’s
  + stars: | 2022-11-08 | by ( Nathaniel Meyersohn | ) edition.cnn.com   time to read: +2 min
Activist groups have pushed Kohl’s (KSS) to spin-off its online business, sell its real estate or take the company private. Michelle Gass is leaving Kohl's for Levi's. “It is fair to say that Gass has saved Kohl’s from more serious decline.”Meanwhile, Levi (LEVI) has grown since it went public again in 2019. Gass will join the company in January as president and take over as CEO within 18 months, succeeding current CEO Chip Bergh, Levi’s said in statement. Gass leaving Kohl’s for Levi’s is symbolic of a larger shift in retail’s power balance.
Lyft – Shares of Lyft plummeted 21% after the company's earnings report showed mixed results in the last quarter. SolarEdge Technologies – Shares of SolarEdge rose 18% after the company reported record revenue in its last quarter that beat analysts' expectations. Revenue fell short of estimates coming in at $967 million instead of $979 million. Perrigo – Shares of pharmaceutical company Perrigo slumped 16% after the company reported earnings and revenue that fell short of analysts' expectations, according to Refinitiv. The company reported $198.3 million in revenue, which beat expectations, according to StreetAccount.
Lyft (LYFT) – Lyft sank 17.3% in premarket action after its latest quarterly report showed slowing revenue growth and ridership levels that remain below pre-pandemic levels. The ride-hailing service did, however, report better-than-expected earnings for its latest quarter. TripAdvisor (TRIP) – TripAdvisor shares plummeted 20.8% in premarket trading after the travel website operator's quarterly earnings came in below Wall Street forecasts. Coty (COTY) – The cosmetics company reported earnings that matched Wall Street estimates, with revenue slightly above analysts' forecasts. Planet Fitness (PLNT) – The fitness center operator's stock surged 7.1% in the premarket after its quarterly revenue and profit beat Wall Street estimates and it raised its full-year forecast.
Lyft (LYFT) downgraded to in line from outperform (hold from buy) at Evercore, one of many negative Wall Street notes. Price target cuts: Credit Suisse to $122 per share from $137 and Baird to $120 from $140. Raymond James cuts price target on Palantir (PLTR) to $15 per share from $20 but has strong buy. Meanwhile, multiple price cuts on Celanese. Mizuho cut price target on cloud data provider Snowflake (SNOW) to $185 per share from $225 but keeps buy rating.
Nov 7 (Reuters) - Take-Two Interactive Software Inc (TTWO.O) lowered its annual sales forecast on Monday, the latest videogame publisher to be hit by this year's dollar spike and a broader gaming industry slump. Take-Two, whose shares fell nearly 17% in extended trading, now expects full-year adjusted sales between $5.4 billion and $5.5 billion. Its prior view was $5.8 billion to $5.9 billion. Overall spending on mobile games is estimated to decline 2.3% in 2022, according to data analytics firm Sensor Tower, after a surge during the pandemic. Some of the pressure is expected to be offset by strong sales of "NBA 2K23" - the latest installment in Take-Two's popular basketball series.
Take-Two deepens videogame industry gloom with forecast cut
  + stars: | 2022-11-07 | by ( ) www.reuters.com   time to read: +2 min
Nov 7 (Reuters) - Take-Two Interactive Software Inc (TTWO.O) cut its annual sales forecast on Monday, the latest videogame publisher to be hit by this year's dollar spike and a broader gaming industry slump. Take-Two, whose shares fell nearly 15% in extended trading, now expects full-year adjusted sales between $5.4 billion and $5.5 billion. For the second quarter ended Sept. 30, Take-Two reported adjusted sales of $1.5 billion. The company's quarterly performance was supported by "NBA 2K23" - the latest game in Take-Two's popular basketball series - which has enjoyed solid demand since its early September launch. Reporting by Tiyashi Datta and Aditya Soni in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.
Take-Two stock tumbles after it cuts outlook
  + stars: | 2022-11-07 | by ( Kif Leswing | ) www.cnbc.com   time to read: +2 min
Take-Two stock dropped more than 15% in extended trading on Monday after the company reported fiscal second-quarter 2023 results. It said its outlook in the current quarter and for fiscal 2023 would be lower than previously expected. Take-Two's net bookings primarily includes digital game sales or sales to wholesalers, as well as licensing fees and merchandise. "Our reduced forecast reflects shifts in our pipeline, fluctuations in FX rates, and a more cautious view of the current macroeconomic backdrop, particularly in mobile," Take-Two CEO Strauss Zelnick said in a statement. Take-Two also owns mobile giant Zynga, known for "Words with Friends," after purchasing it for $12.7 billion earlier this year.
Factbox: Companies count the cost of ditching Russia
  + stars: | 2022-11-03 | by ( ) www.reuters.com   time to read: +6 min
INDITEX (ITX.MC)Zara owner will book a provision of 216 million euros after agreeing to sell its Russia stores to UAE-based Daher Group. TRATON (8TRA.DE)Volkswagen's (VOWG_p.DE) truck division Traton in September said disposing of some assets in Russia would cause a 550 million euro loss. CREDIT AGRICOLE (CAGR.PA)Credit Agricole provisioned more than 500 million euros related to its Russian exposure in Q1. LINDEThe world's largest industrial gases company's exit from Russia recorded impairments of $993 million from its Russia exit. SIEMENS (SIEGn.DE)The Munich-based engineering and tech firm said in May it would take a 600 million euro hit in Q2 for exiting Russia.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTwo market watchers discuss big tech's $250 billion market value lossRocco Strauss, Senior Analyst at Arete Research, and Sarah Kunst, Managing Director at Cleo Capital, join Worldwide Exchange to discuss what's next for the tech sector following weaker-than-expected earnings.
A driver died in a freak accident Thursday morning after getting pinned to a ticket machine while trying to exit an Atlanta parking garage, police said. Police said the driver forgot to put his truck in park as he opened his door to reach the machine that operates the exit gate. The parking garage is used by The Starling Atlanta Midtown hotel, NBC affiliate WXIA of Atlanta reported. When she opened her door and leaned over to pick up the card, she inadvertently accelerated and hit the parking kiosk, according to police. Strauss, who became pinned between her car door and the door frame, died on the scene, police said.
These 15 power players are just a handful of the people designing workplaces to balance productivity, interaction, and employee well-being through indoor-air-quality monitoring systems, building amenities, holographic meeting spaces, and more. AftershipCities like Austin, Texas; Nashville, Tennessee; and Raleigh, North Carolina, began offering business-relocation incentives during the pandemic to boost their workforces and help increase occupancy in office buildings. Room's office suite includes a phone booth, a meeting room, an open meeting room, and a focus room. Room also makes a soundproof meeting room that fits two people, a more open meeting booth, and a focus room designed for quiet concentration. "The future of office work needs to be guided by a new, genuine form of flexibility in which the work, not the workers themselves, become even more malleable," Petersen writes.
Three things to watch‘From Scratch’(From left) Eugenio Mastrandrea, Zoe Saldaña, Judith Scott and Keith David in a scene from "From Scratch." Even though I know how it all ends, I’m looking forward to “From Scratch,” which is streaming now. ‘The School for Good and Evil’(From left) Kerry Washington as Professor Dovey and Charlize Theron as Lady Lesso in a scene from "The School for Good and Evil." There are plenty of arbitration shows out there, but this one is definitely in a courtroom of its own. Something to sip on(From left) Selma Blair and her dance partner, Sasha Farber, perform on an episode of "Dancing With the Stars."
BRUSSELS, Oct 21 (Reuters) - The European Union will support discussion of financial compensation for vulnerable nations bearing the brunt of climate change at next month's U.N. climate summit, a draft document showed, a potential breakthrough for countries pushing for such talks. The EU and United States, the world's third and second-biggest polluters respectively, have historically resisted steps that could assign legal liability or lead to compensation for climate impacts including droughts and floods that are disproportionately hurting poor nations. Register now for FREE unlimited access to Reuters.com RegisterIt remained vague, however, on what these talks would deliver, and whether the COP27 summit should launch the climate compensation fund that dozens of developing countries have called for. "Action and support for vulnerable countries, populations and vulnerable groups needs to be further scaled up," the document said. EU countries' climate ministers meet on Monday to attempt to approve their final negotiating position.
The previous day, the 27 EU leaders locked horns over a joint response to the acute energy crunch that has engulfed the bloc since Russia invaded Ukraine in February. Smaller countries also appealed for a united EU front vis-a-vis Beijing, pointing to German Chancellor Olaf Scholz's planned visit to China next month. "Germany's industrial strategy, and its economic model that feeds it, is toxic for the EU," Eurointelligence said in a commentary on Thursday. Germany, the EU's biggest economy, also leads the small EU camp opposed to capping gas prices, with Scholz defending himself on Thursday against accusations from other EU leaders that Berlin is pursuing selfish and unfair energy policies. Some EU countries want wider sanctions imposed on Iran, and the summit will also condemn Tehran's use of force against protests.
BRUSSELS, Oct 19 (Reuters) - A scheme used in Spain and Portugal to cap the price of gas used to generate electricity is worth considering for implementation across the European Union, European Commission President Ursula von der Leyen said on Wednesday. "It really merits to be considered at EU level. There are still questions to be answered but I want to leave no stone unturned," von der Leyen told a meeting of the European Parliament in Strasbourg. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kate Abnett, Marine StraussOur Standards: The Thomson Reuters Trust Principles.
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